Envestnet Asset Management Inc. Purchases 105,480 Shares of DraftKings Inc. (NASDAQ:DKNG)

Envestnet Asset Management Inc. increased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 30.0% during the first quarter, HoldingsChannel reports. The fund owned 457,521 shares of the company’s stock after buying an additional 105,480 shares during the quarter. Envestnet Asset Management Inc.’s holdings in DraftKings were worth $15,194,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Beacon Pointe Advisors LLC grew its position in DraftKings by 1.9% during the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after acquiring an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its position in DraftKings by 0.3% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock worth $2,946,000 after acquiring an additional 217 shares during the last quarter. Snowden Capital Advisors LLC grew its position in DraftKings by 3.5% during the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock worth $325,000 after acquiring an additional 296 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in DraftKings by 44.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock worth $34,000 after acquiring an additional 317 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in DraftKings by 16.6% during the 4th quarter. Farther Finance Advisors LLC now owns 2,480 shares of the company’s stock worth $92,000 after acquiring an additional 353 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Insiders Place Their Bets

In related news, insider R Stanton Dodge sold 158,331 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the transaction, the insider directly owned 504,381 shares of the company’s stock, valued at approximately $19,670,859. This represents a 23.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total value of $7,944,300.00. Following the transaction, the insider directly owned 4,155,130 shares in the company, valued at approximately $157,188,567.90. This trade represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 536,627 shares of company stock worth $19,748,622 in the last quarter. 51.19% of the stock is currently owned by company insiders.

DraftKings Stock Down 0.5%

Shares of DraftKings stock opened at $43.72 on Friday. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The stock’s 50-day moving average is $38.97 and its 200 day moving average is $38.82. The firm has a market cap of $38.88 billion, a price-to-earnings ratio of -52.67, a PEG ratio of 1.39 and a beta of 1.67.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research note on Thursday, April 24th. Barclays set a $51.00 price target on shares of DraftKings and gave the company an “overweight” rating in a research note on Friday. Benchmark reaffirmed a “buy” rating and set a $50.00 price target (up previously from $45.00) on shares of DraftKings in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price target on shares of DraftKings in a research report on Friday, May 9th. Finally, Guggenheim reduced their price target on DraftKings from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. One analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.10.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.